The Greenback managed to shrug off part of the recent steep decline on Monday, ending the session barely changed while investors kept assessing the latest release of the US labour market report.
Here is what you need to know on Tuesday, May 7: The USD Index bounced off three-week lows and regained the 105.00 barrier despite lower yields across the curve. On May 7, the RCM/TIPP Economic Optimism Index, Consumer Credit Change, and the speech by N. Kashkari are all due. EUR/USD extended its march north, although another test of the 1.0800 hurdle remained elusive on Monday. Germany’s Balance of Trade and Retail Sales in the euro area are due on May 7, along with the speech by BuBa’s J.
The resurgence of selling pressure in the Japanese yen helped USD/JPY reverse course and reclaim the proximity of the 154.00 region. On May 7, weekly Foreign Bond Investment figures are the only due. AUD/USD traded in a solid fashion and broke above the 0.6600 level, flirting at the same time with so-far monthly tops. On May 7, the RBA is expected to keep its OCR unchanged at 4.35%. Reignited geopolitical effervescence motivated WTI prices to rebound from recent peaks in the area below the $78.
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